In just 10 days at the end of March 2026, FLC Group created a rapid chain of events: Trinh Van Quyet officially returned as Chairman, FLC signed MOUs for two projects worth over USD 1 billion in Thanh Hoa, announced a VND 150,000 billion project pipeline in Gia Lai, and on April 4 broke ground on a nearly VND 20,000 billion golf resort township. Simultaneously, FLC recruited 800 real estate agents nationwide and prepared an investment roadshow in South Korea.
What the announcements don’t make clear: which projects are actually under construction, which are merely memorandums of understanding on paper, and what questions should investors ask before making any decisions?
From the Courtroom to the Boardroom
To understand this comeback, one must revisit the events beginning in March 2022, when Trinh Van Quyet was prosecuted for stock market manipulation and fraud. The case involved the illegal sale of 74.8 million FLC shares and the fictitious issuance of over 390 million ROS shares, causing losses for tens of thousands of retail investors.Tuoi Tre
In July 2024, the first-instance court sentenced him to a combined 21 years in prison for two charges.Nhan Dan By June 2025, the appellate court reduced the sentence to 7 years and a VND 4 billion fine, after the family had remedied the full VND 2,500 billion in damages and over 100 victims submitted petitions for leniency.Dan Tri In October 2025, Quyet completed all civil enforcement obligations.Tuoi Tre Two months later, the State Securities Commission officially revoked the public company status of FLC, FLC Faros, and FLCHomes effective December 18, 2025.VnExpress
On January 26, 2026, Trinh Van Quyet made his first public reappearance at a meeting with South Korean Ambassador Choi Youngsam, alongside FLC and Bamboo Airways representatives.VnExpress On March 27, 2026, he was officially introduced as FLC Group Chairman at an event in Gia Lai.VnExpress However, notably, FLC had not published a formal written appointment decision at that time.Tuoi Tre
Billion-Dollar Projects: Distinguishing MOUs from Reality
The real risk lies here: the majority of the billion-dollar figures announced are memorandums of understanding, not official investment licenses.
Thanh Hoa: USD 1 Billion on Paper
At the Thanh Hoa Investment Promotion Conference 2026, FLC signed MOUs for two projects: a logistics and ancillary services complex with registered capital of VND 19,000 billion, and an R&D center with VND 8,750 billion.CafeLand Total capital exceeds USD 1 billion, but these are MOUs at an investment promotion event, not legally binding commitments. Historically, the conversion rate of MOUs to actual projects at such events has been quite low.
Gia Lai: VND 150,000 Billion Ambition
FLC signed an MOU to study an integrated project chain covering airports, logistics, tourism, and urban development with a proposed total capital of approximately VND 150,000 billion, equivalent to roughly USD 6 billion.CafeF This figure must be viewed in context: FLC has not yet completed audited financial statements for 2021-2024, meaning no one knows the group’s actual financial capacity at present.
However, not everything is just on paper. On April 4, 2026, FLC officially broke ground on the FLC Pleiku Golf Club township complex, spanning 517 hectares with a total investment of nearly VND 20,000 billion, including a 36-hole golf course, resort villas, an ecological park, and a commercial center, with expected completion in Q3/2029.VTC News In parallel, the Dak Doa tourism complex worth over VND 8,267 billion was also restarted.CafeF
800 Agent Recruitment and Korea Roadshow
FLC is recruiting 800 real estate agents across 7 provinces with a base salary starting from VND 12 million per month.CafeF Internationally, FLC and Bamboo Airways have met with a South Korean investment fund of USD 1.5 billion that expressed interest, and plan to organize an investment promotion roadshow in South Korea in April 2026.VnExpress
FLC Shares on OTC: Investors Face Much Higher Risk
After losing public company status, FLC shares completely left official exchanges. From March 6, 2026, FLC allowed share trading to resume through Artex Securities Company.Dan Viet
But who bears the cost? This is OTC trading, not a listed exchange. This means low liquidity, no official reference price, high information asymmetry risk, and no protection from exchange regulators. With FLC no longer obligated to disclose information to public company standards, all buy-sell decisions rely on one-sided information from the company.
5 Questions Investors Must Ask
Rather than rushing to conclude “real recovery” or “new gamble,” wise investors should focus on five specific criteria over the next 3-6 months.
First, audited financial statements. FLC has not completed financial reports for 2021-2024. When a company announces billion-dollar projects while no one knows its actual cash flow, debt, and real asset position, that is a major warning sign.
Second, actual project progress. The FLC Pleiku complex has broken ground, but will it proceed on schedule? Will the Thanh Hoa MOUs convert to official investment licenses? Investors need to watch actions, not press releases.
Third, funding sources. No longer a public company, FLC cannot raise capital through stock issuance on exchanges. Where will the funding for billion-dollar projects come from? The Korea roadshow results in April will be a critical test.
Fourth, information transparency. Although not required, whether FLC proactively discloses financial and operational information will reflect its genuine goodwill toward investors.
Fifth, leadership legitimacy. Tuoi Tre newspaper directly questioned the Chairman position when FLC had not published a formal written appointment decision. The lack of transparency in official communications is noteworthy.
Conclusion: Watch the Actions, Not the Words
Not everything is negative. The FLC Pleiku Golf Club project worth VND 20,000 billion has actually broken ground, Quyet’s family remedied over VND 2,500 billion in case damages, and FLC maintains international connections at the ambassador level. However, the gap between grand MOUs and actual financial capacity remains the biggest question mark.
For investors who previously suffered heavy losses with FLC stocks, the clearest advice is: wait at least 1-2 quarters for the billion-dollar plans to prove themselves through actual progress and transparent financial data. The costly lesson from 2022 reminds us that grand expectations without a verified foundation are the greatest risk of all.
